These probably figured highly in their assessment of Singapore – family offices here are subject to a corporate tax rate of 17 per cent while the top marginal rate on personal income taxes is 22 per cent.
Apart from that, Singapore also has low corruption levels. Transparency International has ranked Singapore as the world’s fourth least corrupt country out of 180 countries. It is the only Asian country that is positioned in the top 10. FILE PHOTO: Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associates attends the annual meeting of the World Economic Forum in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich
Asia accounted for 831 or 40 per cent of the super-rich. In the US, there were 762, whilst 596 came from Europe, the Middle East and Africa. These individuals inevitably want access to a suite of services that include talent in private banking, competitive legal services, and experienced accountants. This could suggest that there is not only a strong supply of local start-ups looking for funds but a source of funds looking for talent.
Avoiding tax in their home countries doesn't help the poor, homeless and starving though.